Honda Motor Co., Ltd. (Honda) and Mitsubishi Corporation (MC) are pleased to announce the signing of a memorandum of understanding (MoU) to begin discussions toward the creation of new businesses with an aim of leveraging the strengths of both companies to build sustainable business models in light of anticipated growth in the electric vehicle (EV) market toward a decarbonized future society. The two companies will explore the possibility of new businesses with a goal to increase the value offered to customers through their EV and EV battery business.